The Nigerian equities yesterday reversed previous day’s loss, as buying interest in Airtel Africa Plc and 20 others triggered a N192 billion gain in the market capitalisation.
Consequently, the All Share Index (ASI) rose by 352.49 absolute points, representing a gain of 0.67 per cent to close at 52,701.31 points. Accordingly, investors gained N192 billion in value as market capitalisation went up to N28.705 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Nestle Nigeria, MRS Oil Nigeria, Flour Mills of Nigeria and Vitafoam Nigeria.
Looking forward, United Capital Plc said:“our broad-based expectation for the equities market is bright in Q1, 2023 as we expect the yield environment to remain depressed due to excess maturities. However, we note that there might be pockets of bearish sentiments across the market as investors book profits from extended rallies.”
Market breadth closed positive as 21 stocks posted gains while 15 stocks posted declines. UPDC Real Estate Investment Trust (UPDCREIT) recorded the highest price gain of 10 per cent to close at N3.30, per share. MRS Oil Nigeria followed with a gain 9.93 per cent to close at N15.50, while Chellarams went up by 9.92 per cent to close at N1.33, per
